Initiating Coverage of Dropbox With a $14 FVE and No-Moat Rating; Shares Look Overvalued
We are launching coverage of Dropbox with a no-moat Rating and $14 per share fair value estimate. We believe the reported IPO price of $21 fails to account for increased customer acquisition costs as it pursues enterprise customers, slowing growth, increased competition, and an undifferentiated offering. We see shares as overvalued and would caution investors to wait for a wider margin of safety.Dropbox's cloud storage, syncing, and collaboration services were revolutionary when the firm was fo...
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